Exweb Broker will be a customised version of the full Exweb service that enables brokers to research, quote and buy non-regulated products electronically. It will utilise Exweb’s market leading position in the regulated market to provide the most comprehensive non-regulated service in terms of the range of products and number of providers it gives brokers access to.
Exweb Broker will give intermediaries access to:
- Research tools for non-regulated protection products
- Quotation services for term assurance, critical illness, income protection and general insurance
- Transaction services via Exweb’s new business service and provider extranets
- Mortgage services including mortgage sourcing, conveyancing, legal services and credit checking
- Other Exweb services such as directory of provider e-mail addresses, library of provider literature and free technical support via The Exchange’s helpdesk
The new portal will, at launch, meet industry standards for currently non-regulated products and will comply with FSA rules from October 2004 (mortgages) and February 2005 (general insurance). In addition The Exchange plans to provide guidance on what steps users of Exweb Broker will need to take to ensure they are compliant with the new regulations in due course.
Exweb Broker will build on the strategic alliance agreed with Mortgage Brain in September and reinforces The Exchange’s commitment to the mortgage and general insurance markets. Mortgage Brain’s mortgage sourcing service will be made available via Exweb Broker in due course and Mortgage Brain’s customers will have access to both the regulated and non-regulated Exweb services depending on their needs.
David Child, chief operating officer at The Exchange, comments:
“Our aim is to capture a large share of the non-regulated market and use our experience of the regulated market to provide a long-term market leading solution for brokers and intermediaries. Exweb Broker will enable them to quickly and easily research, quote and buy non-regulated products and our coverage of products and providers will be the most comprehensive available.”
